You're not doing the math on this like so many others here. Even if AMZN offers $5 billion (all cash/ cash + stock /all stock) for JCPNQ, that along with the $500 million cash on hand barely offsets the $4.95 billion in unsecured liabilities. Say that were to happen (though its highly doubtful anyone will offer it when their market cap is barely 50 million), it just leaves $550 million for common that equates to $1.70-1.75 per share.
This assumes many things like DIP superpriority being set aside by the court, bondholders agreeing to full or partial recovery if thats what entails, and any Preferred being diluted regardless of their voting seniority. Too many ifs and buts... but you get the picture. JCP capital structure has been in the crapper for a VERY long time, makes it harder for anyone to place fair value on its distressed assets however notional value they may have. Brand value, distribution network, warehouses, inventory all that is great but can't ignore the disastrous amount of baggage and failed strategies JCP carries.
Wonder how many here can read a balance sheet... sad.
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